Frequently Asked Questions

Below you'll find answers to the questions we get asked the most about Coinffeine

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GENERAL ISSUES

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen– meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games.

A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without a central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

SETTING UP THE PLATFORM

You just need to download and install the platform in the section “Download” and provide your ID and password of the bank account that you are going to use to buy and sell bitcoins. The password is saved in your own computer and it is never shared with anyone (not even us). This video shows you how to configure the platform.

Yes, we are having conversations with some banks in order to integrate Coinffeine with them but currently we only work with AdvCash.com. This video shows you how to configure Advcash. In addition, you can check the instructions here.

USING THE WALLET

You need to give your address to whoever is going to send you the bitcoins. Then you just have to wait. Click on “copy address” to obtain an address. This address may change each time you click on the button. This is normal behavior, all the addresses generated belong to your wallet.